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How History of Illness is Important While Buying Term Insurance

March 16, 2019 1717

In these days where financial support systems matter the most for ensuring a stress-free financial life and for futuristic benefits for the loved ones, a term insurance plan serves your best financial interests. A basic term insurance plan is a pure life insurance plan that provides guaranteed main plan benefit i.e. the sum assured in the event of the policy holder’s demise during the policy term. Although there are no maturity proceeds involved, yet many insurance providers offer return of premium option that entitles the policy holder to receive the paid premiums after maturity of the policy term. While purchasing a term insurance plan, there are certain factors that must be borne in mind. At the time of application for a term insurance policy, a person’s medical history and health record is of prime importance, together with any details pertaining to habits that may have a significant impact on her/his health.

For an insurance provider, complete and thorough information about the policy subscriber’s health is very important. This is because, for an insurance provider, a policy holder suffering from any pre-existing condition like a heart disorder, disability, critical illness etc. comes in the high-risk category of potential investors. In fact, there are certain cases which are liable to be rejected in the application stage due to the presence of any such pre-existing condition. This is where a full disclosure about the history of illness of a person is very important and critical while purchasing a policy. This history may not include only the probable policy holder’s medical history but the general medical history of her/his entire family as well.

As per the guidelines of IRDAI (Insurance Regulatory and Development Authority of India), disclosure of medical history at the time of policy-purchase is mandatory. Moreover, different insurance providers have to follow a common set of guidelines while processing the applications and while evaluating and recording the medic al history of the applicants. This means that the process of medical history-checking and processing the applications is not arbitrary but is transparent. For the applicants, this means that the claim made is liable to get rejected in the event of any withholding of medical information or suppression of medical facts by the policy holder.

While providing coverage for pre-existing medical conditions, insurance providers keep a certain time period as waiting-period before the benefits of the policy can be accrued. This waiting period is generally between 2-4 years, depending on the pre-existing condition or disorder in question. Moreover, the rate of payable premiums is also quite higher than that chargeable when no such conditions are present. However, the higher rate of premiums should not deter you from purchasing the policy as the coverage that is being offered is generally sufficient for your needs and requirements.                                                                   
HDFC Life offers various term insurance plans that are meant to act as a futuristic platform for the financial security of your loved ones and have been formulated keeping your financial requirements in mind. For details, click on the mentioned link: https://www.hdfclife.com/term-insurance-plans.     

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